Guaranteed renewable for life means a policy renewal provision which continues the insurance in force unless the pre- mium is not paid on time, which prohibits the insurer from chang- ing any provision of the policy, endorsement or rider while the insurance is in force without the express consent of the insured, and which requires the insurer to renew the policy, endorsement or rider for the life of the insured and to maintain the rates in effect for the policy, endorsement or rider at time of issuance, except the provision may permit the insurer to revise rates but on a class basis only.
Examples of Guaranteed renewable for life in a sentence
Nursing home policy - Guaranteed renewable for life - Limitation on pre-existing conditions.Repealed by S.L. 1991, ch.
Nursing home policy - Guaranteed renewable for life - Limitation on preexisting conditions.Repealed by S.L. 1991, ch.
RENEWABILITY POLICY FORMS CIXC & CAXC Guaranteed renewable for life.